With Donald Trump being reelected, all of the cryptocurrencies have observed a surge in their prices. Solana, a popular cryptocurrency, has seen a huge pump in its price, reaching over $217 per coin, with a remarkable 34% surge in the last week and a market cap worth over $100 billion. This weekly surge has surpassed Bitcoin (BTC) and Ethereum (ETH), which saw gains of 20% and 30% respectively.
INSIGHT 📈 #Solana’s price surge propels its market cap past $100 billion, outpacing #Bitcoin and #Ethereum gains
via @hardeyjumoh https://t.co/rK1akQDs05
— CryptoSlate (@CryptoSlate) November 11, 2024
With Trump winning the 2024 elections, anticipation of crypto-friendly policies and regulations has thrilled the entire crypto community which has led to an increased investor interest and confidence within the industry. This increased investor interest has led to Solana join the exclusive $100 billion club, alongside Bitcoin and Ethereum and Tether.
The data from from DeFiLlama indicates that Solana’s total value locked (TVL) in decentralized finance has also surged to over $7 billion, marking its highest level since December 2021 and solidifying its position as the second largest DeFi platform after Ethereum.
Price Prediction for $SOL
Analyst predict that if Solana keeps up with the same upward trajectory, it is being speculated that the $SOL price might reach between $250 to $300 by the end of November. The increased institutional adoption may further fuel growth for the SOL ecosystem.
Additionally, with the launch of Coinbase’s Wrapped Bitcoin (cbBTC) on Solana has gathered significant attention, which has enhanced its DeFi ecosystem and has increased its potential of attracting more users.
Solana’s scalability and other technological advancements could continue to draw investor confidence and if the current state persists, some analysts believe that SOL could eventually challenge Ethereum’s market cap and the price value may increase and exceed $600 if it captures a larger share of the market.
Just a year ago, the price for $SOL was $56.84 per coin and now with a staggering surge of 292.2% in its market price, the current price of $SOL stands at $216.44% with 4.9% pump in the last 24 hours.
Solana’s Memecoin Surge
With inclusion of memecoins such as Dogwifhat ($WIF), Popcat (POPCAT), Peanut the squirrel ($PNUT) and Bonk ($BONK) on the Solana blockchain and their increased adoption amongst the community has also led to this surge of Solana ecosystem.
Currently all of the said memecoins have surged approximately over 20% in its weekly gains. PNUT has experienced an astonishing 775% weekly price surge, as per CoinGecko.
As Solana continues to evolve and expand its offerings, it remains poised for substantial growth in the every changing world of cryptocurrency.
Also Read: Bitcoin Blazes Past $82K, Doge, Shib & Other Memecoins Rally
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